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Glilmore, 


Speeck. 


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®nibersittj>  of  JSortfj  Carolina 


Collection  of  J^ortf)  Carolmtana 

(Cnootucb  bv 

of  the  Class  of  1889 


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SPEECH 


OF 


JOHN   T.   GILMORE 


SEKTA.TOR    FX7.02VE 


CUMBERLAND    AND    HARNETT, 

r 

ON    THE    BILL    TO    AID    IN    THE    CONSTRUCTION    AND 

EQUIPMENT   OF  THE  WESTERN  RAILROAD  FROM 

FAYETTEVILLE   TO  THE   COALFIELDS, 


DELIVERED    IN    THE    SENATE 


OF 


istorth  -  c^HOLinsr  a.. 


December  2,  1858, 


RALEIGH: 

HOLDEN    &    WILSON,    "STANDARD"    OFFICE. 

1859. 


Digitized  by  the  Internet  Archive 

in  2012  with  funding  from 

University  of  North  Carolina  at  Chapel  Hill 


http://www.archive.org/details/speechofjohntgilOOgilm 


SPEECH 

OF 

JOHN   T.   GILMORE, 

senator    ptiom: 

CUMBERLAND  AND  HARNETT, 

ON 

THE  BILL  TO  AID  IN  THE   CONSTRUCTION  AND  EQUIPMENT 

OF   THE  WESTERN  RAILROAD    FROM    FAYETTEVILLE 

TO  THE  COALFIELDS. 

DELIVERED   IN   THE   SENATE 

OF 

m  ©  G§  ¥  M°©  A  G5  ©  L  D  Rfl  /Ag 

DECEMBER    2,    1858. 


Mk.  Speaker  :  As  this  is  the  proper  time  to  consider  the 
objects  and  provisions  of  the  bill,  I  would  ask  the  attention  of 
the  Senate,  whilst  I  make  a  few  remarks  in  favor  of  its  pas- 
sage. This  is  one  of  the  most  important  measures  that  has 
ever  been  presented  to  the  Senate,  or  occupied  the  attention 
of  the  people  of  the  State.  It  involves  the  great  question 
of  the  extent  and  value  of  the  coalfields,  and  whether  the 
coal  and  iron  ore  exist  in  sufficient  quantities  to  justify  the 
passage  of  the  bilk  The  coalfields  on  Deep  river  were  known 
before  the  revolutionary  war,  and  fragments  of  the  iron  then 
manufactured  may  now  be  seen  at  one  of  the  mines.  After- 
wards the  Crown  issued  letters  patent  to  a  company  to  work 
the  mines.  This  company,  having  left  the  mother  country, 
proceeded  on  its  way  to  the  mines  and  reached  within  some 
?7*  30  or  40  miles  of  its  destination,  when  the  disturbances  in  the 
Q»  State  occurred,  and  the  company  was  compelled  to  return. 


■^ 


This  fact  is  established  by  the  records  of  the  Board  of  Trade 
of  Liverpool.     The  period  referred  to  must  have  been  about 
the  time  the  Regulators  began.     The  coalfields  were  then 
considered  chiefly  valuable  for  iron  ore.     After  this  the  fame 
of  the  coalfields  passed  away  until  185-1,  when  a  geologist  was 
employed  to  make  a  survey  of  the  State  and  reported  in  1S52, 
by  whichreportpublic  attention  was  called  to  the  subject  agaiu. 
Shortly  after  this  report  was  made,  a  controversy  in  the  news- 
papers between  scientific  gentlemen  was  carried  on  in  relation 
to  the  quantity  of  coal  and  ore  and  the  extent  of  the  coalfields. 
This  discussion  produced  the  deepest  interest  not  only  between 
the  parties  themselves,  but  also  among  the  people  of  that  sec- 
tion of  the  State.     When  this    controversy  subsided,  popular 
opinion  finally  settled  down  in  favor  of  those  who  maintained 
that  the  coalfields  were  both  rich  and  abundant.     After  this 
the  auger  was  applied,  the  shaft  sunk,  and  the  coal  and  ore 
taken  up.     At  one  of  the  mines,  machinery  costing  $50,000 
is  now  ready  for  the  raising  of  coal  and  ore  as  soon  as  means 
of  tronsportation  are  provided.     These  coalfields  are  30  miles 
long  and  from  3  to  6  wide.     The  quality  of  the  coal  is  superior 
to  any — it  is  free  from  smut  and  sulphur,  and  is  therefore  not 
unhealthy.     It  burns  with  a  clear  light,  containing  from  10  to 
12  gallons  of  oil  to  the  ton,  and  is  superior  to  any  other  coal 
in  the  production  of  gas ;   and  when  we  take  into  considera- 
tion the  increased  demand  for  that  article  in  lighting  the  cities, 
it  forms  no  inconsiderable  item  in  estimating  the  value  of  this 
coal,  and,  besides  this,  the  residuum  of  the  coal  after  being 
burned  forms  a  coke  of  great  value  in  the  manufacture  of 
iron.    The  coal  alone  is  sufficient  to  place  the  State  in  the 
most  prosperous  condition.     It  has  not  only  been  compared 
with    the    coals   of  this    country,  but  of   Europe,  and    haa 
been  pronounced  superior  to  them  all.     In  this  day  of  im- 
provement, when  the  boundary  of  knowledge  has  been  en- 
larged, and  the  arts  and  sciences  improved,  it  behooves  us  to 
look  to  the  incidental  as  well  as  the  principal  products  of  the 
State.     Coal  is  now  becoming  more  and  more  abundant;  in  its 
use,  and  is  an  indispensable  fuel  for  almost  every  steamer; 
and  when  we  look  to  the  constant  increase  of  stea::i  power, 'we 


cannot  too  highly  estimate  the  great  value  of  these  coalfields. 
There  is  no  product  upon  the  earth  so  eagerly  sought  after  by 
capitalists  as  that  of  coal.  Gold  and  silver  mines  are  liable  to 
give  out — they  are  uncertain — but  experience  proves  that  the 
quantity  of  coal  can  be  more  easily  ascertained  and  with  greater 
certainty. 

But  the  coal  is  not  all ;  the  iron  ore  is  of  incalculable  wealth, 
and  is  proven  to  be  equally  extensive  and  abundant.  There 
are  five  kinds  of  ore,  and  among  the  number  that  which  is 
pre-eminently  known  as  the  blackband  iron  ore.  It  is  from 
this  that  the  best  Scotch  pig  iron  is  made,  and  I  think  that  is 
esteemed  the  best  in  any  market.  To  appreciate  this  matter 
properly  we  should  know  the  fact  that  this  blackband  ore  has 
been  found  nowhere  upon  the  earth,  except  in  Scotland  and. 
at  these  very  coalfields.  This  ore  produces  from  12  to  16 
gallons  of  oil  per  ton,  and  at  a  very  small  expense.  The  coal 
and  ore  are  found  together,  and  in  removing  the  one  you  ne- 
cessarily remove  the  other.  These  coalfields  are  nearer  the 
ocean  than  any  other  on  the  Atlantic  slope.  Every  Governor 
for  the  last  ten  years  has  recommended  the  developement  of 
fc<he  resources  of  the  State.  The  Legislature  saw  its  impor- 
tance, and  hence  about  forty  thousand  dollars  have  been  ex- 
pended in  Geological  surveys  of  the  State.  Whatever  doubts 
may  have  been  heretofore  entertained  in  relation  to  the  vast 
quantity  of  coal  and  iron  ore  existing  in  these  mines,  there 
can  be  none  now.  I  can  here  refer  with  confidence  to  the 
naval  commission  under  Com.  Wilkes,  by  whom  an  examina- 
tion was  made,  in  reference  to  the  establishment  of  govern- 
ment machine  shops  at  these  very  coalfields,  and  upon  the 
very  best  authority,  by  letters  in  this  city,  it  is  beyond  a  doubt 
that  his  report  to  the  government  will  be  of  the  most  favora- 
ble character. 

We  have  no  means  of  ascertaining  certainly  the  quantity 
of  iron  imported  into  the  State,  but  the  lowest  estimate  that 
has  been  made  by  those  I  have  consulted,  is  $5,000,000,  exclu- 
sive of  railroad  iron.  The  duty  upon  iron  is  20  per  cent. — 
commissions,  profits  and  freight  will  exceed  10  per  cent. ; 
making  in  all  at  least  30  per  cent.,  which  is  about  $1,500,000, 


nearly  one  third  of  the  whole  cost  of  the  iron.  If,  then,  this 
amount  of  iron  should  be  manufactured  in  the  State  by  our 
own  citizens,  it  would  be  an  annual  gain  of  $1,500,000  ;  for 
even  if  this  iron  should  sell  as  high  as  the  imported  iron,  still 
the  entire  profit  would  be  retained  in  the  State,  and  if  manu- 
factured by  citizens  out  of  the  State  or  by  foreigners,  there 
would  still  be  a  very  large  expenditure  out  of  this  sum  which 
would  enure  to  the  benefit  of  the  State,  for  the-  wealth  of  the 
citzen  is  the  wealth  of  the  State.  Assuming  then,  what  I 
believe  to  be  true,  that  a  large  and  populous  town  would  be 
created  and  extensive  establishments  erected  for  the  manu- 
facture of  iron,  it  follows  necessarily  that  instead  of  the  manu- 
facture of  $5,000,000  worth  of  iron,  it  would  become  ten,, 
fifteen  or  twenty  millions,  and  the  increased  advantages  to  the 
State  would  be  in  the  same  increased  proportion. 

No  measure  has  ever  been  submitted  to  the  Senate,  in  which 
the  interests  of  the  State  of  North-Carolina  have  been  so  deep- 
ly involved.  Before  the  stockholders  have  asked  any  aid  of 
the  State,  $340,000  have  been  subscribed  and  mostly  expend- 
ed upon  the  road,  which  is  constructed  of  the  very  best  mate- 
rial and  promises  to  be  equal  to  any  road  in  the  Union,  The 
bonds  of  private  companies,  all  know,  cannot  command  high 
rates,  whereas  the  bonds  of  the  State  can.  The  company 
therefore  proposes  an  exchange  of  bonds  to  the  amount  of 
$600,000.  The  State  is  secured  at  every  step.  When  twelve 
miles  of  the  road  is  finished  an  exchange  of  $200,000  is  to  take 
place  j  when  the  iron  for  the  whole  road  is  delivered  at  the 
port  of  Wilmington,  an  exchange  of  another  $200,000  is  to 
take  place ;  and  whenever  twenty-four  miles  of  said  road  is 
completed,  an  exchange  of  $100,000  is  to  take  place;  and 
when  the  whole  road  to  the  coalfields  has  been  completed  and 
put  in  operation,  an  exchange  of  the  final  sum  of  $100,000 
is  to  take  place,  and  the  State  is  to  have  a  lien  upon  the 
whole  road,  stock,  houses  and  lands,  and  if  the  company 
fail  to  pay  the  interest  within  12  months  after  it  is  due, 
the  State  is  to  take  possession  of  all,  and  the  same  provi- 
sion is  made  in  case  of  failure  to  pay  the  principal.  This  road 
differs  from  all  other  roads  in  the  State,  for  the  freight  is  ready 


as  soon  as  the  cars  arrive.  It  is  thought  it  will  pay  15  or  20 
per  cent,  on  the  amount  of  capital  invested  ;  and  when  we 
look  at  the  fact  that  the  Reading  road  cost  over  $100,000  per 
mile,  and  pays  6  per  cent.,  all  must  admit  this  calculation  to 
be  reasonable. 

Mr.  Speaker,  the  road  under  consideration  is  43  miles  long, 
12  miles  of  it  is  in  running  order  and  now  in  operation,  and 
8  miles  more  are  graded.  A  single  track  is  estimated  to  trans- 
port five  hundred  thousand  tons  of  coal  annually,  and  that 
coal  would  be  worth  at  Wilmington  three  millions  of  dollars, 
and  the  transportation  of  the  coal  is  worth  two  dollars  per 
ton,  making  one  million  of  dollars.  But  some  have  said  that 
I  must  show  that  this  coal  can  be  shipped  and  meet  other 
coals  successfully  in  northern  markets.  This  I  will  do.  The 
cost  of  the  coal  at  the  mines  is  one  dollar  per  ton,  which  brings 
it  to  three  dollars  per  ton  at  Wilmington,  and  freight  to  New 
York  is  two  dollars  and  a  half,  making  in  all  five  dollars  and 
a  half.  This  coal  can  be  sold  in  New  York  for  seven  dollars 
and  a  quarter  per  ton,  in  quantities  of  a  hundred  thousand 
tons,  thus  showing  that  it  will  bear  shipment  and  at  a  good 
profit. 

I  will  now  ask  what  must  be  the  effect  of  all  this  upon  the 
localities  and  upon  the  State  at  large?  The  United  States' 
Arsenal  at  Fayette ville  has  been  made  an  Arsenal  of  con- 
struction, but  can  never  become  extensive  in  its  operations 
without  the  completion  of  this  road,  for  it  is  by  this  means 
only  that  coal  and  timber  can  be  supplied.  It  leads  to  one  of 
the  finest  timbered  regions  in  the  State.  If  this  road  were 
completed,  the  general  government  would  make  large  appro- 
priations to  carry  on  the  work,  because  it  would  be  her  inter- 
est to  do  so,  and  Fayetteville  would  increase  in  population 
and  wealth.  Wilmington  would  become  a  populous  city,  and 
the  enhanced  value  of  real  estate  at  all  three  points  and  along 
the  line,  which  would  greatly  swell  the  amount  of  taxation, 
together  with  a  very  great  increase  of  the  poll  tax,  form  con- 
siderations of  vast  importance  to  the  revenue  of  the  State, 
which  ought  not  to  be  overlooked.  In  an  able  speech  deli- 
vered by  the  Senator  from  Guilford  (Mr.  Gorrell)  two  years 


ago,  I  think  he  estimated  the  amount  of  taxable  merchandize 
imported  into  the  State  at  thirteen  millions  of  dollars — add  to 
this  the  sum  of  two  millions  not  taxed — all  these,  as  well  as  the 
iron  imported  into  the  State,  must  be  paid  in  exports  or  in 
money,  which  is  liable  to  the  difference  of  exchange.  Here, 
then,  is  a  debt  of  twenty  millions  subject  to  the  deduction  of 
our  exports.  There  are  no  certain  means  of  ascertaining  the 
quantity  or  value  of  our  exports,  but  I  have  heard  them  esti- 
mated at  ten  millions  of  dollars.  This,  then,  would  leave  us 
to  pay  exactly  ten  millions  in  money,  subjeet  to  the  difference 
of  exchange  ;  add  to  all  these  the  sale  of  state  bonds  and  those 
of  railroad  companies,  both  amounting  to  several  millions, 
subject  to  a  loss  in  exchange.  No  State  can  prosper  long 
where  the  balance  of  trade  is  against  it.  That  is  the  law  of 
political  economy  from  Adam  Smith  down  ;  and  there  is  no 
product  on  earth  which  can  be  developed  so  cheaply,  so  quickly 
and  so  abundantly  as  that  of  coal,  and  hence  it  becomes  the 
most  important  article  in  equalizing  the  exchanges  of  the 
State. 

Sir,  if  Georgia  or  South-Carolina  had  treasures  like  these, 
they  would  have  been  heralded  to  the  world,  and  this  very 
coal  would,  ere  this,  have  given  motion  to  steamers  in  the 
seas  of  China,  or  to  those  of  the  South  Pacific  ocean. 

These  are  the  only  mines  of  coal  and  iron  ore  known  in  the 
South  Atlantic  States  so  near  the  ocean.  The  day  may  not 
be  far  distant  when  their  value  may  be  felt.  Sir,  you  recollect 
the  period  of  1850,  when  that  lofty  statesman,  with  giant  mind, 
stood  in  the  midst  of  the  Senate  and  gave  warning  of  the  ap- 
proaching danger, — when  the  patriots  of  all  parties  rallied 
around  him  for  the  safety  of  their  country,  and  when  those  stars 
of  the  Union,  which  had  shone  so  brilliantly  in  peace  and  in 
war,  began  to  grow  dim.  You  recollect,  sir,  the  period  of  1856, 
when  again  those  stars  began  to  lose  their  accustomed  lustre, 
and  the  heart  of  every  lover  of  his  country  throbbed  for  its 
safety.  If,  sir,  those  stars  should  ever  fade  away,  and  those 
stripes  be  torn  asunder,— if  this  Union  should  ever  be  dissolved, 
— then  may  I  ask,  where  is  your  iron  to  cast  your  cannon  and 
your  ball,  and  what  will  put  in  motion  your  infant  navy? — 


Sir,  I  do  not  speak  of  this  to  harrow  up  the  feelings  of  the 
Senate, — I  trust  it  may  never  be ;  but  such  has  been  the  fate 
of  other  governments,  and  such  may  be  the  fate  of  ours.  In 
whatever  aspect  this  measure  is  viewed,  'tis  marked  with  in- 
terest to  the  State.  If  passed,  North-Carolina  will  become 
the  richest  of  the  southern  States. 

Sir,  we  have  advocated  almost  every  measure  of  internal 
improvement.  I  appeal  to  the  extreme  east.  We  sustained 
you  in  your  greatest  work, — we  stood  by  you  in  your  Albe- 
marle and  Chesapeake  Canal, — will  you  stand  by  us  now?  I 
appeal  to  those  on  the  long  line  of  the  Raleigh  and  G-aston 
Road.  We  stood  by  you  at  your  natal  hour  and  sustained 
you,  and  that  too  at  a  time  when  it  required  a  mind  to  con- 
ceive and  a  nerve  to  execute, — the  members  from  Cumber- 
land voted  for  your  road,  and  returned  home  to  meet  an  as- 
tonished people.  They  justified  the  act  and  were  sustained. 
Will  you  too  stand  by  us  now  ?  I  appeal  to  the  west.  We 
have  stood  by  you  from  the  beginning  to  the  end,  and  never 
deserted  you.  I  appeal  to  the  friends  of  internal  improve- 
ment. We  have  stood  by  you  all.  I  appeal  through  the 
Hon.  Senator  of  New  Hanover,  (Mr.  Ashe.)  He  has  devoted 
his  time,  his  services,  his  talents,  to  your  cause.  I  appeal 
through  my  friend  from  Bladen,  (Mr.  McDowell,)  who  in  like 
manner,  has  sustained  you  upon  every  occasion,  though  he 
asked  for  nothing,  and  his  people  wanted  nothing.  I  appeal 
through  our  own  great  and  lamented  Dobbin,  whose  metallic 
voice  held  the  Commons  in  suspense,  and  whose  eloquence  de- 
lighted the  ear  and  captivated  the  heart ;  but  that  voice  is  heard 
no  more, — 'tis  hushed  in  the  deep  silence  of  death,  and  the 
eloquence  of  my  country  is  buried  in  his  tomb.  Will  you 
turn  your  back  upon  your  most  ancient  ally,  who  stood  by 
you  in  your  infancy,  followed  you  in  your  progress  and  gloried 
in  your  ascension,  until  you  have  now  become  the  ruling  pow- 
er in  the  State  ?  Gratitude  was  the  highest,  the  noblest  virtue 
of  the  Romans ;  yea,  it  was  the  brightest  jewel  in  the  rich 
diadem  of  virtues;  and  bright  as  was  that  jewel  then,  it  is  as 
brilliant  here  to-day  as  it  ever  was  in  the  proud  Senate  of 
the  commonwealth  of  Rome.     When  the  illustrious  Cicero 


proclaimed  that  gratitude  was  the  mother  of  virtues,  he  ren- 
dered his  fame  more  immortal  than  he  ever  did  by  his  mas- 
terly defence  of  Milo,  or  his  unrivaled  phillipics  against  Cati- 
line. Sir,  it  is  not  my  voice  you  hear  upon  this  occasion. — 
It  is  but  the  echo  of  1,815  voters  who  have  sent  me  here. — ■ 
It  is  the  united  voices  of  the  counties  of  Cumberland  and 
Harnett.  In  making  these  appeals  here  to-day  it  is  to  show 
where  we  have  stood,  and  where  we  are  now.  I  place  this 
great  work  upon  higher  ground.  Stern  justice  is  all  that  we 
desire — more  than  that  we  do  not  ask,  and  less  than  that  you 
ought  not  to  give.  We  have  passed  resolutions  unanimously 
instructing  our  Senators,  and  requesting  our  Representatives 
to  use  all  proper  means  in  procuring  the  establishment  of 
work  shops  by  the  General  Government  for  the  manufacture 
of  machinery  and  a  National  Foundry,  to  be  located  at  the 
coalfields.  If  this  bill  should  pass,  ensuring  a  speedy  outlet 
to  the  ocean,  the  General  Government  would  be  encouraged 
speedily  to  commence  the  work.  If  we  fail  to  pass  it,  our 
own  confidence  will  be  distrusted.  No  measure  has  ever 
been  presented  to  the  Legislature  that  came  with  the  same 
merit,  or  occupied  the  same  elevated  position.  In  the  Gub- 
ernatorial canvass  it  was  proclaimed  in  almost  every  county 
in  the  State,  from  the  remotest  confines  of  Cherokee  to  the 
distant  shores  of  the  Atlantic.  It  was  heard  upon  the  moun- 
tains, in  the  valleys,  and  in  the  towns  ;  and  no  opposing  voice 
disturbed  the  harmony  of  the  sound.  The  rival  candidates 
both  sustained  the  measure,  and  it  was  carried  in  triumph 
through  the  State.  In  candor  and  in  truth  I  can  say,  it  was 
approved  and  ratified  by  the  people.  May  I  not  here  appeal 
in  confidence  to  those  Senators  who  feel  themselves  trammel- 
led by  their  constituents,  and  ask  if  this  does  not  show  con- 
clusively, that  this  measure  was  not  regarded  by  them  as 
leading  to  an  involvement  of  the  State?  If  this  bill  should 
pass,  it  will  become  the  most  popular  measure  ever  presented 
to  the  people.  I  trust  the  Senate  will  sustain  it,  and  rally 
around  it,  as  they  would  the  flag  of  their  country's  safety. 

Sir,  if  I  were  ambitious  to  live  in  the  recollection  of  poster- 
terity — to  connect  my  name  indissolubly  with  the  State,  and 


to  create  a  fame  which  should  endure  as  long  as  her  history 
should  survive,  I  would  ask  no  higher  claim  than  to  record 
my  name  in  favor  of  the  passage  of  this  bill. 

I  would  here  do  injustice  to  my  own  feelings,  were  I  not 
to  return  my  warmest  thanks  to  the  Senate  for  the  kind  and 
indulgent  manner  in  which  I  have  been  heard  on  this  occa- 
sion. 


LENGTH  OF  RAILROADS,  CANALS,  &c,  IN  NORTH 
CAROLINA : 

North    Carolina  Railroad,  from    Goldsborough   to  Charlotte,  is  220  miles. 

Western  North  Carolina  Railroad,  from  Salisbury  to  Statesville 
(completed  28  miles)  and  from  thence  to  Paint  Rock,  on 
the  Tennessee  line,  is   183     " 

Wilmington  &  Weldon  Railroad,  from  Wilmington  to  Weldon,  is  1G0     " 

Wilmington  &  Manchester  Railroad,  from   Wilmington   to  the 

South  Carolina  line,  is   80     " 

Raleigh  &   Gaston  Railroad,  (including  the   Weldon  Branch,) 

being  from  Raleigh  via  Gaston,  to  Weldon,    99     " 

Atlantic  &  North  Carolina  Railroad  from  Goldsborough  to  Beau- 
fort, is   98     " 

Wilmington,  Charlotte  &  Rutherford  Railroad,  from  Wilming- 
ton to  Charlotte  and  Rutherford,   265     " 

Chesapeake    and    Albemarle    Canal,  from   the  head  of  North 

River,  (in  Currituck  county,)  to   Currituck  Sound,  is   ... .       5     " 

Thence  from  the  head  of  North  Landing  river,  to  Elizabeth  river 
in  Norfolk  county,  Va.,  (connecting  the  waters  of  Albemarle 
Sound  and  Chesapeake  Bay,)  is  9     " 

Clubfoot  &  Harlow's  Creek  Canal,  in  the  counties  of  Craven 
and  Carteret,  connecting  the  waters  of  Neuse  river  and 
Core  Sound,   3     " 


STATEMENT, 

Exhibiting  the  amount  of  the  funded  and  unfunded  debt  of 
the  State. —  On  what  account  contracted. —  When  due. — The 
annual  interest  thereon,  and  to  hen  and  where  the  same  is 
payable.  {Compiled  from  the  Report  of  the  Public  Treasurer.) 


REGISTERED    BONDS. 

Bonds  endorsed  under  the 
Act  of  7th  Jan'y,  '39, 
for  the  Raleigh  &  Gas- 
ton Railroad" Co.,         Due  1st  Jan'y,  18G0, 

Do.  issued  in  1849,  under 
the  Act  of  Jan'y,  1849, 
to  pay  the  debts  due 
Bank  of  Cape  Fear,  the 
Bank  of  the  State,  and 
the  debt  due  on  account 
of  further  endorse- 
ments for  the  Raleigh 
&  Gaston  Railroad  Co.,    "     in  1859, 

Do.  (running  10  years)  is- 
sued under  the  Act  of 
8th  Jan'y,  '51,  to  settle 
and  pay  off  the  contin- 
gent liabilities  of  the 
State,  "      "  1861, 

Do.  under  same   Act,  and 

on   account  of  same        "      "  1862, 

Do.  (running  20  years)  is- 
sued under  act  of  27th 
January,  1849,  for 
the  State's  subscrip- 
tion to  the  Fayette- 
ville  &  Western  Plank 
Road,  " 

Do.  under  same  Act,and  on 

count  of  same,  "     "  1870, 

Do.      "       "       "       "  "     "  1871, 

Do.      "       "       "       "  "      "  1872, 

Amount  of  registered  bonds, 


8      500,000 


1869, 


200,000 


40,000 
130,000 


26,500 

33,500 
40,000 
20,000 


$  990,000100 


00 


00 


00 
00 


00 

00 

00 
00 


11 


STATEMENT.— {Continued. 


COUPON    BONDS. 

Bonds  running  ten  years,  is- 
sued under  the  Act  of 
27th  Jan'y,  '49,  for  the 
State's  subscription  to 
the  Gaston  &  Weld  on 
Railroad,  and  for  the 
improvement  of  Neuse 
and  Tar  rivers,  Due 

Do.  under  same  Act,  " 

Do.    "         "         "  " 

Do.  "'  "  "  running 
30  years,  for  the  State's 
subscription  to  the  N. 
C.  Railroad,  " 

Do.  "  "         •'       " 

Do.         "  "        "       " 

Do.         "  "        "       " 

Do.         "  "        "      " 

Do.  under  the  Act  of  14th 
Feb'y,  '55,  on  account 
of  an  additional  sub- 
scription to  the  K.  C. 
Railroad,  " 

Do.  running  20  years,  issu- 
ed under  the  Act  of 
14th  Feb'y,  '55,  for  the 
State's  subscription  to 
the  Fayetteville  & 
Contre  Plank  Road  Co.,  " 
Do.  under  same  Act,  " 

Do.     "        "        "  « 

Do.     "        "        "  « 

Do.     "        "        "  " 

Do.     "        «        "  " 

Do.  running  20  years,  issu- 
ed under  Act  of  15th 
Feb'y, '55,  for  subscrip- 
tion to  the  Fay.  &  War- 
saw Plank  Road,  " 

Amount  carried  forward, 


1st  July,  1864, 
"  Jan'y,  1865. 
«    July,       " 


"  Jan'y,  1888, 
"  July,        " 
"  Jan'y,  1884, 
"  July,       " 
"  Jan'y,  1885, 


"  April. 


"   "  1875, 

«  July,  1876, 

"April,  1877, 

"  Jan'y,  1878, 
"■  July,   « 
"  Oct. 


July,    1875, 


41,000  §0 
67,00000 

44,000'00 


500,000!00 
500,000'00 
500,00000 
130,000:00 
370,000|00 


1,000,000 


20,000(00 
lOjO^OO1 

2,000 

4,000l00 


00 


5,000 
9,000 


4,000 


$  4,196,000 


00 
00 


00 


00 


12 


STATEMENT.— {Continued.) 


Amount  brought  over, 
Bonds  running  20  years,  is- 
sued under  the  Act  of 
loth  Feb'y,'55,  for  sub- 
scription to  the  Fay.  & 
Warsaw  Plank  Boad.  Due 
Do.  running  30  years,  issu- 
ed under  the  Act  of 
14th  Feb'y,  '55,  for  the 
improvement  of  Tar 
river,  " 

Do.  running  10  years,  issu- 
ed under  the  act  of  14th 
Feb'y,  '55,  on  account 
of  Lunatic  Asylum,        " 
Do.  under  the  same  Act,     " 
Do.     "        "  "  " 

Do.  "  "  Act  of  17th 
Jany,  '57,  (running  30 
years,)  on  account  of 
said  Asylum,  " 

Do.  running  30  years,  issu- 
ed under  the  Act  12th 
February,  '55,  for  sub- 
scription, to  the  Atlan- 
tic &  K".  C.  Kailroad,  " 

Do.  under  the  same  Act,  " 
J)0        u  u  u  a      u 

Do!  "  "Act  of  2nd  of 
Feb'y, '57,  (as  a  loan,)     " 

Do.  running  30  years,  issu- 
ed under   the   Act   of 
15th  Feb'y,  1855,   for 
subscription  to  the  West. 
1ST.  C.  Railroad,  " 

Do.  under  the  same  Act,     " 

"T)q      a  a  a  a         a 

J)0      u  a  «  a         a 

Do.  running  30  years,  issu- 
ed under  Act  of  2d 
Feb'y,'57,  for  subscrip- 
tion to  the  Chesapeake 
&  Albemarle  Canal,        " 


1st  Jan}r,  1S77 


"    Jan'y,  18S6, 


"  Jan'y,  1866, 
"  April,  1867, 
"  Jan'y,  1868, 


"  Jan'y,  1888. 


"  Jan'y,  1886. 
"  u  '  1887. 
"    July,      " 

"     Oct,      " 


"     Oct.,  1S86, 

"    July,  1887, 

"  Jan'y,  1888, 
"  April,     " 


"  April,  1SS7, 


$  4,196,000  00 


6,000  00 


(Am't  of  coupon  bonds,  $5,644,500.00.) 


15,000 


59,000 

15,000 

6,000 


35,000 


533,000  00 


00 


00 
00 
00 


00 


266,000 
267,000 

400,000 


200,000 

100,000 

100,000 

50,000 


00 
00 

00 


00 
00 
00 
00 


250,00000 


$  6,648,50000 


13 


STATEMENT.— {Continued.^ 

OBLIGATIONS,    FOR   WHICH    THERE   IS     NO    SPECIFIED   TIME    OF    PAY- 
MENT    OF    PRINCIPAL. 


Brought  Forward, 

$  6,648,500 

00 

Bond  payable 

to  Literary  Board, 

65,563 

00 

Do. 

u                  u 

15,442 

00 

Notes         " 

to  Cape  Fear  Bank,  on  account 

of  loan, 

Total  funded  Debt, 

150,000 

00 

%  6,879,505 

o.o 

INTEREST. 


Annual  interest  on  funded  Debt, 
Add  interest  on  the  Bonds  endorsed 

for  the  Cape  Fear  &  Deep  Biver 

Nav.  Co.,  (paid  by  Pub.  Treas'r,) 

Total  annual  interest,  |$  430,770130 


^recapitulation, — (Principal.) 


Principal  due  in  1859,  $200,000 
"    1860,    500,000 
40,000 
130,000 
41,000 
111,000 
59,000 
15,000 
6,000 
26,500 
33,500 
40,000 
20,000 


u 

u 

1861, 

u 

a 

1862, 

u 
a 

1864, 

1865, 

a 

u 

1866, 

a 

u 

1867, 

a 

a 

1868, 

a 

a. 

1869, 

« 

a 

1870, 

« 

u 

1871, 

u 

a 

1872, 

Principal  due  1875,  $  24,000 
"  1876,  10,000 
"    1877,  8,000 

"  1878,  18,000 
"  1883,  1,00Q,0Q0 
"  1884,  630,000 
"  1885,  1,370,000 
':  1886,  748,000 
"  1887,  1,283,500 
"  1888,  335,000 
No  time  speci- 
fied for  payment,       231,005 


16,879,505 


14 
STATEMENT.— ( Contin  wed.) 
Recapitulation, — {Interest.) 


Tuterest,  payable  in  New  York,  1st  January  and  i 

1st  July,  of  each  year,  |!$  219,750  00 

Ho.,    .  payable  in  JSIew  York,  1st  April  and  1st 

October,  of  each  year,  119,760[00 

Do.,  payable  in  New  York,  on  account  of  en- 
dorsements for  the  Cape  Fear  and  Deep 
River  Navigation  Company, 

Do.,      payable  at  the  Public  Treasury.  Raleigh, 

/  North-Carolina, 


18,000 
73/260 


00 
SO 


$430,770130 


Endorsements. 


3km ds  endorsed  under  the  Act  of  27thj 
January,  '49,  for  the  Wilming- 
ton &  Raleigh  Railroad  Co.,  "    $  250,000,00 

Do.,  under  the  Act  of  10th  Feb'yJ 
'55,  for  the  Cape  Fear  &  Deepji 
River  Navigation  Company,  ||    300,00000 


Total  endorsements, 


1$  550,000(00 


15 


STATEMENT, 

Showing  the  amount  heretofore  expended  by  the  State  in  aid 
of  the  severed'  internal  improvement  companies  therein,  a* 
ivell  as  the  amount  yet  to  be  expended  under  existing  char- 
ters, together  with  the  amounts  of  the  loans  and  endorse- 
ments to  the  same. 


RAILROADS. 

North-Carolina  Railroad, 

Western  N.  C.  Railroad,  ||$ 

To  be  expended,  |3 

Wilmington  and  Weldon  Railroad 
Company, 
Endorsement  for  same, 

Wilmington  and  Manchester  Rail- 
road, 

Raleigh  and  Gaston  Railroad,  in- 
cluding the  Gaston  and  Weldon 
branch, 

Atlantic  and  North-Carolina  Rail- 


850,000  00 
150,00000 

I 
400,000'00 
260,000  00 


road — subscription, 

Do.  do.       (loan,) 

Wilmington,  Charlotte  and  Ruth- 
erford Road,  endorsement  to  be 
made, 

CANAL  AND  NAVIGATION  COMPANIES. 

Chesapeake  and  Albemarle  Canal 

Company — subscription, 
Cape  Fear  and  Deep  River  Navi- 
gation company, 
(Endorsement,) 
Neuse  River  Navigation  Company, 
Tar  River  "  " 

New  River  "  " 

Yadkin  "  "(pai$ 

To  be  paid, (will  not  be  called  for) 
Cape  Fear  Navigation  Company, 
Roanoke  Navigation  Company, 
Club  Foot  and  Harlow  Creek  Ca- 
nal Company, 


,006,500  00 
400,000  00 


160,000  00 
800,000  00 


5,00000 
15,00000 


3,000,000  00 
4,000,00000 

650,00000 

200,000  00 

8  S  7,500  00 

1,466,50000 

i 

2,160,000100 


250,000 


00 


460,000  QO 
40,00000 
40,00000 
20,00000 

20,00000 

65,000|0O 
5O,00Q!0O 

6,00000 


Microfilmed 
SOLINET/ASERL  PROJECT 


16 

STATEMENT.— [Continued.] 


TURNPIKES  AND  PLANKROADS. 

Fayetteville  &  Western  Plankroad, 

$      120,000 

10 

"                Warsaw        " 

10,000 

00 

"                 Centre           " 

50,000 

00 

McDowell  and  Yancey  Turnpike 

Company, 

2,300 

00 

Road  from  Caldwell  and  Watauga 

Turnpike  to  Collettsville, 

500 

00 

Road  from  Wilkes  County  line  to 

Witchev's  Store, 

1,000 

00 

Road  from  Reddie's  River  to  Ten- 

nessee line, 

5,000 

00 

Road  from  Henry's  Gap  to  Blue 

i 

Ridge, 

500 

00 

Road  from  Salisbury  to  Georgia 

line, 

11,308 

32 

Salisbury  and  Wilson  Road, 

930 

82 

Buncombe  Turnpike  Company, 

5,000 

00 

Plymouth  Turnpike  Company, 

1 

1,400 

00 

$13,522,9-15 

L4 

VOTE  IN"  THE  SENATE, 

On  the  final  passage  of  the  Mil  to  aid  in  the  construction  and 
equipment  of  the  Western  Railroad  from  Fayetteville  to 
the  Coalfields,  19th  January,  1859  : 


Ayes. — -Ashe,  Bledsoe,  Boyd,  Cherry,  Davis,  Dobson,  Edney,  Gilmore, 
Gorrell,  McDonald,  McDowell,  McKoy,  Miller,  Mills,  Pitchford,  Ramsay, 
Reinhardt,  Steele,  Straughan,  Thomas,  Walkup,  Worth — 22. 

CToes. — Basnight,  Battle,  Blount,  Brown,  Cowper,  Cunningham,  Donnel, 
Douthitt,  Flanner,  Guyther,  Humphrey,  Lane,  Lankford,  Leach,  Martin, 
Person,  Turner,  Whi taker,  Williams — 19. 

Davidson,  Houston  and  Ward,  in  favor  of  the  bill,  paired  off  with  Speight, 
Taylor  and  Pool,  opposed  to  the  bill. 

Carmichael  and  Dillard  were  absent. 


"■■  §§§§  sags 

,■<■■■■■  ■■  &<;? 

ElMWwBIB  .  ■ .:. 

mam 

Hi 

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UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00043135071 


FOR  USE  ONLY  In 
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